The Cayman Islands is an archipelago of three islands: Grand Cayman, Cayman Brac and Little Cayman. Located in the Western Caribbean, Grand Cayman is a 70-minute flight from Miami, Florida.
As the largest of the three islands, Grand Cayman is the best known and most populated. Over 60,000 people live in Grand Cayman, represented by over 135 nationalities.
Cayman Brac and Little Cayman – referred to as the Sister Islands – are less developed and are home to just over 2,000 residents. Cayman Brac is distinguished by its majestic 140-foot limestone cliff, The Bluff, hiking trails and nature reserves. In contrast, Little Cayman, is celebrated for its small-island charm, unhurried way of life and acclaimed marine environment which attracts scuba diving enthusiasts from around the world.
The Cayman Islands has evolved from being a small community built on fishing, turtling, shipbuilding and rope-making industries to being recognised as a top offshore financial services centre, as well as for its robust tourism industry, modern infrastructure and having one of the highest standards of living on the planet.
Much has changed since the early settler days; Grand Cayman is now home to a sophisticated business community and over 500 banks and trust companies, including most of the largest banks in the world. Grand Cayman’s success in the international financial services sector is the result of a tax neutral status and maintaining a sound regulatory environment and judicial system.
Planning a Visit
Year-round warm weather with temperatures ranging between 76°F and 87°F attract a steady influx of tourists to the Cayman Islands year after year. This British Overseas Territory is a popular destination for travellers from the USA and Canada thanks to nonstop flights on a year round basis from major cities in Canada and the US. There are also nonstop flights with British Airways from London Heathrow.
The Cayman Islands is led by a stable, democratic government, which is elected every four years. As a British Overseas Territory, a Governor represents the British monarch and has a permanent residence on Grand Cayman. The Governor acts as a de facto head of state and appoints the Premier, who is the leader of a majority government in the country’s legislature.
The Cayman Islands Dollar, or KYD, has been the official currency since 1972. However, the US Dollar is widely accepted at an exchange rate of one US Dollar to every 80 Cayman Cents. Banks buy US dollars at 82 Cayman Islands cents each and sell 1.20 US dollars per Cayman Island dollar.
An established government, pleasant year-round temperature, high standard of living and stable tourism and financial sectors are backed by a strong sense of community and national pride rich in culture. Woven throughout all aspects of life in the Cayman Islands is an effort to be Caymankind to all; that is, to always be courteous, demonstrate kindness and compassion and ultimately welcome all to the Cayman way of life.
Purchasing Real Estate
The Cayman Islands has long been a vacationer’s favourite, thanks to gin-clear waters, fabulous beaches and beautiful scenery. Complementing those natural attributes is warm island hospitality, a strong economy, and modern, well maintained public infrastructure, which combined make the Cayman Islands not only a great place to visit, but also a desirable place to call ‘home’. International buyers are often attracted to the Cayman Islands because there are no restrictions on foreign ownership of land, no alien landholding license requirements, no recurring property taxes and mortgages are often available to qualified international clients. In addition, there is an opportunity to earn a permanent residency certificate by investing a minimum amount of funds in developed real estate.
Combined with the benefits of safety and security, world class schools and health care, a tropical climate and tax neutrality (no corporate, income, capital gains or inheritance taxes) and the appeal of the Cayman Islands as a place to live and own property is further enhanced.
For real estate options, click to view Provenance Properties’ portfolio, the exclusive affiliate of Christie’s International Real Estate in the Cayman Islands.